Takeover bids are important for the internal market because they contribute to market integration and to business consolidation in accordance with the European Community Treaty provisions on the freedom of establishment. The Takeover Bid Directive of 2004 is designed not only to protect the interests of the holders of securities of companies (in particular, those with minority holdings), but also, to promote European Union- (EU) wide clarity and transparency with respect to legal issues to be settled in the event of takeover bids and to prevent patterns of corporate restructuring from being distorted by arbitrary differences in governance and management cultures. Analysing the Takeover Bid Directive in light of EU Law, this important monograph examines the extent to which the Directive facilitates the exercise of the fundamental freedom of establishment and the free movement of capital in the internal market.